| Author | Message | ||
     Jupiter Moderator Username: Jupiter Post Number: 6798 Registered: 05-2011 Rating: N/A |
Impact of Budget 2012-2013 - Good & Bad News Lets start with the Good News First ! S.No Proposed Recommendation Current Rate/Slab/Rule Impact 1 Exemption Limit raised to Rs.2,00,000 Current Basic Exemption Limit is Rs.1,80,000 Tax Savings of Rs.2060/- for all tax payers 2 Tax Slab of 20% applicable for Income between 5L to 10L Currently, 20% is applicable for Income between 5L to 8L Tax Savings of Rs.20600/- for all tax payers having Income beyond 8 Lakhs 3 Not Mandatory to File Income Tax returns of Salary Income upto 5Lakhs (with many conditions apply) Not Mandatory to File Income Tax returns of Salary Income upto 5Lakhs (with few conditions apply) Always recommended to file IT Returns whatever the legislation is 4 Senior Citizens (without business income) not required to pay Advance Tax Senior Citizen are required to pay Advance Tax Senior Citizens can pay tax within 31st March on their total income of the FY 5 Securities Transaction Tax reduced by 20% to 0.1% on Delivery STT is currently at 0.125% Marginally Lower Expenses while sale of Shares & Equity based Mutual Funds. Useful for Large Volume traders of shares. 6 Deduction for Preventive Health Check-up exempt upto Rs.5000/- No such rule Taxpayers who do their Health Check-up regularly can claim tax benefit of upto Rs.5000 on the same, thereby paying lower tax. 7 Introduction of Rajiv Gandhi Equity Savings Scheme - If Total Income is less than 10 Lakhs, Invest Rs.50,000 & claim 50% tax deduction No such rule Tax Payers who earn less than Rs.10 Lakhs can invest here and claim 50% tax deduction 8 Tax Free Infrastructure Bonds will be allowed to raise Rs.60,000 Crore in 2012-2013 In 2011-2012, the cap was Rs.30,000 Crore. Will help investors earn better post tax returns in the Long Term and Facilitate investments in Infrastructure sector. And Now the Bad news... 9 Service Tax Increased from 10% to 12% Service Tax is charged at 10% currently Bills such as telephone, mobile, air tickets, professional services, hotels, medical diagnostics, clubs, pubs, business support services, etc to be costlier for the common man. Life Insurance Policy’s returns would be lower because of higher Service Tax. 10 More services to be included in the Service Tax Net Most of the services will charge Service tax thereby increasing our total expenditure. 11 TDS on Immovable Property, apart from Agri land is proposed. No such rule Now most of the Land/Building/Property Purchase transactions will be taxable at source 12 Increase of Excise Duty to 12% Currently 10% Cars, vehicles and goods manufactured in India will be costlier. Larger cars will be further costlier. Maa cinema collection ATHYADHIKA kotlu .. maave genuince collections |
